Initiate a Confirmation of Payee check from within Currencycloud Direct when creating a new UK beneficiary.
What is Confirmation of Payee?
Confirmation of Payee is an account verification tool that enhances fraud protection. Before you set up a new beneficiary, we will check account name, account number and sort code with the beneficiary bank – to make sure these details match.
This check is currently available for UK beneficiary accounts only, with plans to expand to further markets in the coming quarters.
What will happen?
When you set up a new UK beneficiary in Direct, you will be able to review the results of the name verification check on the Beneficiary Review screen. We will let you know if the details you provided are a full match, a partial match or differ from the details the beneficiary bank holds on file for that account. You will be able to proceed with beneficiary creation in each scenario, but will be warned when the details do not match.
How will this benefit me?
Verifying account details before a payment is made will help ensure that you’re sending funds to the right person. It avoids any unwanted errors and is an added line of defence against fraud, offering you and your customers peace of mind.
Is this feature available to me?
It will initially be available for in-scope clients – those contracting with The Currency Cloud Limited on our Sponsored or Treasury model.